Looking for an Initial Balance indicator

I thought I found what I was looking for. Unfortunately it was not.

Some time ago I found an indicator here that plotted the opening range extension of the U.S., Tokyo, and Euro open as well as the average volume for the opening candle and the double initial balance high and double initial balance low extensions. I think it was called Initial Balances.mq4. I cant seem to find it. I would love to use it again. Any help would be greatly appreciated.

Found it. For anyone else who is lookng here it is.........

Initial Balances2a.ex4

hi @trendzalore do you have any update version of (initial balances2a) indicator that includes below features:

- includes Pacific (Sydney session)
- includes Pacific (Sydney session) on the list at upper right corner same as other sessions
- Server time offset (to detect market timing automatically and auto update when market hours change during summer/winter) based on server/local time

i will kindly appreciate if you could tell the source where you found it so we can find someone to change it?

or anyone if could kindly code and add above features on this indicator, will be much appreciated, thanks!

Hope is what you are searching for...Regard


If you found that with Sydney session please upload here...Thanks in advance

thanks, sure!

Hello, i use the IB statistics every day to assume what type of day is more like about to be (auction theory). Following this i would like to ask you with gratitude to add following features :

- average distance (during given period of days in settings) in pips and percetage after the initial balance breakout
- if was the breakout fakey - how far it made before failing into IB and stayed there until end of the session or
- if IB extension to the other side happen, how far (pips and percetage)

basicaly it would extend info box with those statistics: average clean IB extension distance, average failed extension of IB to one side, average extension to the other side when first side failed

In the more advanced idea: statistics of seasonability, like first week usually happen "this or this" type of extension, the month when happen most single side extension

I think it would gain edge for all of IB traders.

Trendzalore, thanks for sharing the indicator. I've been using it for years now.

I started using initial balance after learning about Market Profile trading. I'm currently testing taking only the NY session initial balance on S&P500 futures and WTI. I've also created an expert advisor for MT4 that I'd like to share with everyone here. I'll be happy to answer any questions anyone has.

Also please note that this EA should be backtested and modified and like any EA it should have human oversight.

WTI Backtest

Initial Balance expert advisor running on WTI today.

Which is the most suitable parity and time frame?

what is the strategy behind this EA?

Initial Balance in Market Profile Analysis: In the context of market profile analysis, the initial balance refers to a specific time period at the beginning of a trading session, typically the first 30 minutes to an hour. This period is used to establish a reference range for price movements and can provide insights into how the market is likely to behave for the rest of the session.

So with the EA you trade the initial balance of the currency or index. So say you're trading the NY session. The initial balance would be from 9:30am EST to 10:30am EST. The EA will take the high and low of that time, and if price trades above the high it buys and if price trades below the low it sells.

Trading_Time_Start: What time the EA should start trading. For example if you're trading NY session you want it to trade AFTER the IB is established so for example at 10:31am EST. (You would have to convert to your server time)
Trading_Time_End: Time the EA should top trading. Default is 23:55 server time.
Initial_Balance_Start: From what time you want the EA to start calculating the IB (convert to your server time and what session you want to trade)
Initial_Balance_End: From what time you want the EA to stop calculating the IB (convert to your server time and what session you want to trade)
Lot_Size: Pretty straight forward, this is the lot size you want to trade.
Take_Profit_Percent: The take profit is by default 2x the size of the SL, you can edit this.
SL_IB_Start: The SL is set at the opposite side of the IB. So, if a buy position is opened the SL is set at the low of the IB. If a sell position is opened, the SL is placed a the high of the IB. So this variable is for you to indicate the start of the IB.
SL_IB_End: This variable is for you to indicate the end of the IB so it can calculate where to set the SL when a position is opened.
Percent_Away: This variable is for the trailing stop. When your position is say 50% or 80% into profit it will send the signal to the trailing stop to start.
Percent_For_Trailing_Stop: When your position is say 50% or 80% into profit it will send the signal to the trailing stop to start. This percentage and the "Percent_Away" Need to be the same.

Here's the case for trading initial balances on the S&P500 or S&P500 futures. These are for the last three days:

Initial Balances EA working on S&P futures today.

Hi..
I also trade US indices with that similiar strategy. What about if a trade didnt hit tp by the end of the day (which means closing of us market), do you still let it run or close it and take whatever the result is?

Shakka, so it depends on how you choose your TP, trailing stop and doing a little backtesting. The "Take_Profit_Percent" in the EA is basically TP = SL x _____ (whatever you choose). So, say the SL is 20 pips and the "Take_Profit_Percent" is 200% then the TP would be 40 pips (TP = SL x 2).

So with that, you can just back test and see what statistically will work. Sometimes a smaller TP will help, a tighter trailing stop trigger, or sometimes if you're trading futures letting it run might work. It's all about back testing.

Hi @howa61, ¿do you have this indicator for mt5 maybe?

A very effective indicator

Any chance for a MQ5 indicator

thanks